Quick is a relative word in credit repairing, and if you have big negative marks, including foreclosures, short sales, bankruptcies, tax liens, charge-offs, and judgments, it will take up to 7 years to erase them off your report.
However, here are a couple of things you can do:
1. Pay small pending balances: If you have multiple cards, start with a couple having low balances, ranging in $50 to $200. Clearing these small balances will indicate to the credit agencies that you’re trying to pay the debt.
2. Ask for credit limit increase: Try to choose an old card, one with a good payment history. Increasing your credit limit is likely to lower your debt utilization, and net you some credit points.
3. Use traditional 30% usage formula: It is best if you stop maxing out your card, and I understand that it could be difficult, so start bringing your credit usage down gradually until you reach 30% utilization.
4. Use credit card for Netflix or similar utility services and repay it full: If you don’t have an excellent bill payment history, start using your card for small charge-offs like Netflix service and pay it off in full.
These simple acts will indicate good credit behavior and will go far in repairing your credit. Prior to using any of these tips, get your credit report from all the three bureaus and look for errors.
Correcting credit errors can boost your credit score quickly, at least 60 days.
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